Lucid intends to export more than 90% of its factory production in Saudi Arabia

Lucid Group aims to export about 92% of the production of its factory in Saudi Arabia to foreign markets, while 13% of them are allocated to the Arab Gulf states, according to Faisal Sultan, Vice President and Administrative Director in the Middle East. In an interview with the newspaper “Arab news”, he noted that the construction of the factory established in the King Abdullah Economic City on the western coast of the kingdom continues according to the drafted plan. With show that the construction will be completed at the end of next year, and then the production begins annually in 2027 production capacity of 150 thousand cars. The supply chains attracted Sultan, indicated that the presence of 3 car manufacturers in Saudi Arabia, two of whom are electrical: ‘Lucid’ and ‘Sir’ and the third mixed, ‘Hyundai’, the ambition of the Saudi government in making the country a center for manufacturing cars and the achievement of the target with the cost of the cost of providing the cost of the What the vehicles can attract through the cost, pull the cost of the vehicles, the cost of the cost of the cost, the cost of the cost, the cost of the cost, which will attract the cost of the country from manufacturing. He expected electric cars to be up to 30% of the total number of cars in Saudi Arabia, which increased from a percentage of no more than 7%, due to government initiatives and policies and incentives provided. But he believes that its distribution depends on creating the necessary infrastructure, especially the availability of cargo points. He said that “Lucid” works with government agencies and different companies to increase the shipping points, especially outside the cities. According to the factory, Lucid is looking for partnerships to create a battery recycling factory near the manufacturing site in King Abdullah Economic City, which, according to Sultan, noted that this process will secure the safe disposal of the components of the batteries or to insure it to entities. Sultan said his removal was not a surprise because he prepared to leave after he spent 12 years in the position, during which he participated in the establishment of the company. He noted that Peter decided to surrender to the team that participated in the business to lead it in the coming period. The company has appointed Mark Winterhof, CEO of operations at the electric car manufacturer, as a temporary CEO, while the search for a new leader continues, according to the company in a statement with the announcement of the results of the fourth quarter. This transformation comes a year after the growth of ‘bright’ sales, the launch of the ‘graffiti’ sporty multi -use, and the acquisition of additional funds of a company belonging to the Saudi public investment fund, which is the largest investor in ‘Lucid’.